The intrinsic value of a bitcoin is zero, that is where it will go with no iron hand.
Arguably, the only things that have intrinsic value to humans are the those which are required to survive. Everything beyond that is subjective. You seem to favor gold. What is it's intrinsic value to a human being? I can live my entire life without ever needing gold. There is no iron hand giving value to gold. Yet it has properties that make it useful for many things and thus people assign value to it. The same can be said for bitcoins. Because you do not see their value, or because no state is enforcing their value, does not make them worthless to all.